Is this quote for a no-doc jumbo 30-yr fixed loan competitive?

[Dana Powell]

Hi All.  Newbie here and would like some advice.  I have 2 rental properties both on 1-year ARMs at 5.25% amortized over 25 yrs that I need to refinance. My credit score ranges from 650-705. 

Property 1 

$1.7 million value
$1.208 mill mortgage
$9800/month rental income

Property 2  
$800K value
$277K mortgage
$3600/month rental income 

My goal is to take cash out of Property 2 to reduce the principle of Property 1.  My only income is the rent and about $25k in consulting work.
A local originator has quoted me the following for a no-doc loan:
Closing costs per property:

3% Origination fee (he said he may reduce this since I'm refi 2 loans)
$750 legal doc fee
$2950 servicing fee

Starting Rate on a 30 yr fixed with interest only 1st 5 yrs:

6.25% LTVs <= 60%

6.75% for LTVs > 60% and <=70%

7.25% for LTVs > 70% and <=75%

7.50% for LTVs > 75%

Adjustments:

0.50% added for borrower cash-out

0.25% added if borrow

• 0.25% added if borrower / guarantor FICO is between 650-699 

Are these fees and terms reasonable?  I put in an inquiry on Lending Tree and before I could hit send I was inundated with phone calls and emails from online entities that I've never heard of.  Any thoughts would be much appreciated!